BoA to Set Up Second BPO Unit in Mumbai

Filed in archive Outsourcing News on February 13, 2005

Prompted by the success of their initial Indian outsourcing unit, bank of America (BoA) will open its second unit in Mumbai this summer. The second unit is described as 'the next generation' of the bank's Continuum Solutions subsidiary. It will work for the bank's global corporate and investment unit, and conduct research and presentations for corporate clients.

Barbara Desoer, BoA's top technology executive, said, "The bank's initial outsourcing operation in Hyderabad has 'exceeded expectations.'" The unit hired highly skilled workers that were able to learn their jobs faster than expected. The Hyderabad unit works with consumer and corporate accounts, reconciling and tracking down daily transactions around the world.

BoA won't disclose how much it saved in its Indian operations, but Desoer said that there have been pleasant surprises. For example, improvements that cut processing time in India have been implemented in other bank locations.

Desoer recognized India's school system that emphasizes math and science for their outsourcing operation's success. She said, "It is a focus on really understanding and challenging every step of the process. They just thrive on the opportunity to look for improvements."